Posted by mtnotary on 2/1/13 8:34am
Msg #453402

GMAC

I went on line to pay my mortgage today and there was a message that stated effectively February 1st they were not taking any new applications for mortgages. That they had sold themselves to a new company. Although they did not say who. That they would be selling all of their loans and that if they were currently working on a mortage application they would continue to work on it.

Interesting reading. Must be part of their bankruptcy

Reply by FGX/NJ on 2/1/13 10:31am
Msg #453418

GMAC ResCap (Residential Capital) is a financial service company that focuses on residential estate loans. It was part of GMAC which was then taken over by Ally Financial. Its corporate headquarters are in Minneapolis, Minnesota. Its subsidiaries include GMAC Mortgage and online home lender Ditech.

On May 15, 2012, Ally put the company into bankruptcy. ResCap posted a $402 million loss in 2011 and had missed a $20 million payment on unsecured debt on April 17, 2012. ResCap listed $10.9 billion in mortgages on December 31, 2012, after wiping $22 billion in mortgages off its books in 2009, 2010 and 2011. The company had booked a substantial number of subprime mortgages. The bankruptcy was seen as a step by Ally to exit the mortgage business to focus on its profitable auto loan and direct banking business
Ally Financial is 74% owned by US Gov.

Reply by Linda Juenger on 2/1/13 10:48am
Msg #453419

Last month I signed many GMAC payoffs. All went to Fifth Third Bank.